Vero residential strata insurance is now available in NSW and the ACT, and there are plans to add Victoria in coming months, completing a national rollout.

The product, part of the Vero Specialty Lines suite, launched in June and was first made available in Queensland, SA, WA, the NT and Tasmania.

“We’ve been progressively expanding its availability across Australia,” commercial and personal injury CEO Lisa Harrison said.

“The response from brokers and strata managers has been very positive.”

Parent group Suncorp says the product was shaped by broker feedback and changing customer needs, and is designed to provide a more flexible, risk-based approach to residential strata, including buildings with defects.

“Where an owners’ corporation is proactively identifying issues and taking appropriate steps to manage them, we believe those actions should form an important part of the underwriting assessment,” Ms Harrison said.

“Our approach is to look beyond the existence of a defect and consider the broader risk picture, including its severity, how it is being managed and whether there is a credible pathway to remediation.”

Brokers can submit residential strata risks via the Steadfast Client Trading Platform, and can quote and bind on Ebix Australia’s Sunrise Exchange.

Suncorp said in February that strata was a focus area as it reclassified the line from consumer to commercial.